“In October, Pakistan recorded exports of over $1.9 billion, a record
high for a single month, on the back of increased exports of finished
textile products. ..
However, exporters of finished textile products say that exports are
increasing owing to sharp rises in cotton prices and the increase is
only in terms of value and not in terms of quantity. ..
Cotton prices touched a new peak of $1.75 per pound internationally on Friday. ..
The rally was driven primarily by speculation that India may decide to
extend its shipping period for export of three million bales to beyond
December 15 or cancel all unshipped cotton contracts and offer them as
renewed contracts at higher prices, a JS Global Capital Limited report
said.
..
As markets opened on Monday, cotton prices in the Pakistani market
followed suit and opened at Rs9,500 per maund (37.3kg). However, the
average cotton price from September to date has been Rs7,900 per maund. ..
Pakistan Cotton Fashion Apparel Manufacturers and Exporters Association
Chairman Khwaja M Usman said that the increase in apparel exports is not
helping the industry because small factories are closing down which is
fueling unemployment. ..
“Actually, we are producing less and earning more which is not a good sign,” said Usman. ..
Analysts say that exports will be on the higher side and cross $22
billion in fiscal year 2011 on the back of increases in cotton and rice
prices in the international market.
”
Date:12/22/2010
Source:www.fibre2fashion.com